The hot -handed bitcoin miner became AI’s infrastructure that Iren (Iren) continued with the main upside, according to Wall Street Brokerage Cantor Fitzgerald.
“Over the past few months, Iren has been heavily leaning against the AI cloud service segment,” analyst Brett Knoblauch wrote. “This is a business we believe in the end closely resembling the coreweave (CRWV).”
“As the shares have done well in hopes that Iren will fully focus on the GPU cloud,” Knoblauch continued, “we continue to believe that there is a lot of room to run.”
Knoblauch further noted that on a contracted basis for Megawatt, Iren traded on almost a 75% discount with the Neocloud Peer Group. A discount is certainly warranted given the backlog revenue variation, he said, but the gap should close over time, “resulting in a material re-rating with Iren shares.”
More than Knoblauch more than double his target price to $ 100 from $ 49, suggesting 56% upside down from near $ 64.14. Stock is 513% higher from the start of the year above just $ 10.
Iren is marginally in the premarket action at $ 64.50.
